【正文】 (1998), and Hsiao (2021). Finally, to control for the supply side of the direct investment, we include OUTFLOW, the total global outflows of FDI for each All variables are transformed into logarithms. Data sources and additional explanations of variables are given in Appendix A. The formulation of the empirical model is then specified as follows. ln(AFDIi,t) = ln(AFDIi,t) = α0 + α1ln(CLNFDI,t) + β1ln(AGROWTHi,t) + β2ln(ACORRUPTi,t) + β3ln(ADUTYi,t) + β4ln(AGOVi,t) + β5ln(AWAGEi,t) +β6ln(AOPENi,t)+β7ln(AILLITi,t) + β8ln(ACPTAXi,t) + β9ln(ATELi,t) + β10ln(AINCOMEi,t) + β11ln(OUTFLOWt) + ui + ei,t ln(CLNFDIt) == γ0 + δ1ln(AFDIi,t) + ρ1ln(CGROWTHt) + ρ2ln(CCORUPTt) ρ3ln(CDUTYt) + ρ4ln(CGOVt) + ρ5ln(CWAGEt) + ρ6ln(COPEN t) + ρ7ln(CINCOMEt) + vi + wi,t The above simultaneous equation system is estimated by the two stage least squares. Another possible determinant of FDI is the level of exchange rates. However, as highlighted by Russ (2021), there are many conflicting empirical studies concerning the significance and even the sign of the exchange rate variable. 翻譯：中國和東亞的外商直接投資 最近 的政策問題 我們不難發(fā)現(xiàn) ,很多亞洲的分析師 ,評論家和決策者都已經(jīng)表示關(guān)注中國 ,中國的出現(xiàn)相反地會影響直接投資流入經(jīng)濟(jì)中 .2021年 11月 ,新家坡副總理 Lee Hsien Loong(之后為新家坡總理 )提議 東南亞國家在激烈的競爭壓力下 ,正如 他們 之前的商業(yè)活動 ，特別是勞動密集型制造業(yè)，已逐漸轉(zhuǎn)移到中國。南 京 工 程 學(xué) 院 畢業(yè)設(shè)計(jì)文獻(xiàn)資料翻譯 （原文及譯文） 原文名稱： Foreign Direct Investment in China and East Asia 課題名稱 : 中國和東亞的外商直接投資 學(xué)生姓名： 學(xué) 號： 指導(dǎo)老師： 所在系部： 經(jīng)濟(jì)管理學(xué)院 專業(yè)名稱： 國際經(jīng) 濟(jì)與貿(mào)易 2021 年 3 月 南 京 原文： Foreign Direct Investment in China and East Asia Recent Policy Concerns It is not hard to find various analysts, mentators and policymakers in Asia who have voiced concerns about the emergence of China and that China is adversely affecting direct investment flows into their economies. In November 2021, Singaporean Deputy Prime Minister Lee Hsien Loong (who has since bee the Prime Minister of Singapore) mented that “Southeast Asian countries are under intense petitive pressure, as their former activities, especially laborintensive manufacturing, migrate to China. One indicator of this massive shift is the fact that Southeast Asia used to attract twice as much foreign direct investment as Northeast Asia, but the ratio is reversed.” (ChinaOnline November 14, 2021). According to KOTRA, the staterun trade and investment promotion agency of the Republic of Korea, the rate of foreign direct investment in most Asian countries is falling as global investors are being drawn to invest in China (Republic of Korea Times August 27, 2021). World Economic Forum director for Asia, Frank J. Richter, said if the Asian countries do not take prudent and pragmatic steps to be as petitive as China, the foreign direct investment flows into these economies would be adversely affected (New Straits TimesManagement Times March 9, 2021). Furthermore, Taiwan’s Vice Premier Lin HsinI said that facing the rapid rise of the Mainland Chinese economy, Taiwan would have to take effective measures to increase its petitiveness. Taiwan has to implement the “go south” policy to encourage Taiwan to switch their investments from the Mainland to Southeast Asian countries (Taiwanese Central News Agency November 21, 2021). Is China39。s FDI policy a friend or an enemy to its Asian neighbors? What determines foreign direct investment flows into the Asian and other economies? Is there a “China Effect”? To get some insights as to what methodology we should pursue, we now look at selectively some relevant academic literature. Brainard (1997) empirically examines the determinants of the ratio of . export sales to total foreign sales (the sum of export sales by sales by foreign affiliates) by industry. She uses a framework of focusing on factors that favor concentration of production (. favoring exports) vs. proximity to overseas customers (. favoring sales by foreign affiliates). The explanatory variables include freight costs to the export market, tariffs of the host country, per capita gross domestic product, corporate tax rates, measures of trade and foreign direct investment openness, measures of plant scale economies and corporate scale economies. She also adds a dummy representing whether a country has a political coup in the last decade. In her random effects estimation, almost all the variables have the right signs and are significant. The major exception is the corporate tax rates, which has the opposite sign as predicted. Gastanaga, Nugent and Pashamova (1998) focus on policy reform